Protean eGov Tech disappoints at debut; listed at par at Rs 792 on BSE

Shares of Protean eGov Technologies made a disappointing debut on Dalal Street on Monday as the stock was listed at Rs 792, that is at par, exactly at its issue price of Rs 792 apiece on the BSE. The stock has been listed on BSE only and its trading will not happen on the National Stock Exchange (NSE).

The listing has been underwhelming compared to the expectations of the street. Ahead of its listing, shares of Protean eGov Technologies were commanding a premium of Rs 45-50 per share, suggesting a mild listing pop of 6 per cent to investors on its debut. However, the premium has corrected about half since the closure of the issue over the volatility.

Protean eGov Technologies sold its Rs 490.33 crore-primary offering in the fixed price band of Rs 752-792 per share with a lot size of 18 equity shares. The issue was open for subscription between November 6 and November 8. The e-Governance solutions provider's IPO was entirely an offer-for-sale (OFS) of up to 61.91 lakh equity shares.

The issue was overall subscribed 23.86 times, thanks to aggressive bidding by the qualified institutional bidders (QIBs) and non-institutional investors (NIIs). The quota for these investor categories were booked 46.94 times and 31.62 times, respectively. The allocation reserved for retail investors and employees was subscribed 8.93 times and 1.49 times, respectively during the bidding.

Protean eGov Technologies, formerly known as NSDL e-Governance Infrastructure, is engaged in the business of developing citizen-centric and population scale e-governance solutions. It has played a vital role in development of capital market infrastructure in India and implemented some of the most crucial technological infrastructure in India.
 

Equirus Capital, IIFL Securities ICICI Securities and Nomura Financial Advisory managed the issue of Protean eGov Technologies, while Link Intime India was the registrar for the issue.

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